How Cutting Edge Does Merchandising Need To Be?
If you have been in merchandising for any time at all, you have seen that things are changing quite a bit in the field. Customers have been raising their expectations as they have been getting more sophisticated technologically and retailers have been trying to figure out how to keep up. It’s much harder to upgrade the technology of an entire business than it is for an individual to get a new smartphone, and this puts retailers at a disadvantage.
Cutting Edge vs Bottom Line
A quick search on the internet tells you that the cutting edge of merchandising is disruptive and expensive and risky. It is a gamble to spend resources on what might work or flop with no guarantees on what your particular customer base will do. Some might welcome a high-tech dressing room, for example, but others might be intimidated and leave.
The bottom line in merchandising is whether or not the product selection you choose is what your customers will spend their money on in your store. So, how can you find the right level of a sophisticated cutting-edge in your merchandising?
The secret to intelligently honing your merchandising strategies lies in effectively handling your data. The software platform you use directly affects the effectiveness of your data-handling, so this is where you must start.
The centralized database enables the integration of all your information in an efficient, intuitive manner that provides the ability to do whatever you need to do. Analysis? Reporting? Tracking? Allocation? Replenishment? All this and more is part of the ChainDrive Integrated Retail Management software solution. The data infrastructure handles all your information in a secure, comprehensive manner that gives you the insight you need to make better-informed decisions.
The Retail Merchandising component includes tools for assortment & purchase planning, performance monitoring, multiple replenishment methods, seamless allocation, and advanced analytics & reporting. The integration of every channel provides details on customer behavior and buying patterns along with any other information you need to know, like online sales compared to local stores.
Once you know for sure what is happening in your entire business, the balance between the cutting edge and the bottom line is easier to find because ChainDrive gives you all the facts along with the tools to utilize those facts. Merchandising can be as cutting-edge as your business needs it to be without cutting too close.